Planner numbers fall for fourth year
The numbers of financial planners has declined for the fourth year in a row with both institutionally and non-institutionally aligned groups loosing planners in the last 12 months according to data gathered for the Money Management Top 100 Dealer Group Survey.
The annual survey, which examines the size of financial planning groups by planner numbers, client numbers, funds under advice and other key criteria, found that planners numbers within the Top 100 had fallen to around 15,100, down from 16,000 in 2013. Planner numbers in the Top 100 peaked in 2010 at just over 17,400 planners but have fallen every year since.
Institutionally-aligned planning groups held by AMP, the four leading banks, IOOF, Perpetual, Australian Unity, Perpetual and others shed 358 planners in the last 12 months, dropping 3.2 per cent on last year's figures to hold around 10,800 planners among 40 planning groups.
The number of planning groups owned by institutions also fell as licenses were cancelled and planning groups combined with AMP, CBA and IOOF merging planning groups.
The drop was near four times larger among the non-institutionally aligned sector which dropped 11.7 per cent, or 559 planners in the last 12 months to hold 4218 planners among 60 planning groups.
The Money Management Top 100 Dealer Groups Survey will be out this Thursday.
AUTHOR
Jason Spits
Recommended for you
A financial advice firm has been penalised $11 million in the Federal Court for providing ‘cookie cutter advice’ to its clients and breaching conflicted remuneration rules.
Insignia Financial has experienced total quarterly net outflows of $1.8 billion as a result of client rebalancing, while its multi-asset flows halved from the prior quarter.
Prime Financial is looking to shed its “sleeping giant” reputation with larger M&A transactions going forward, having agreed to acquire research firm Lincoln Indicators.
An affiliate of Pinnacle Investment Management has expanded its reach with a London office as the fund manager seeks to grow its overseas distribution into the UK and Europe.
